South Atlantic Announces Updates to the Tucano Judicial Recovery Process in Brazil

About this update from South Atlantic Gold, Inc.

[{"type":"text","content":"South Atlantic Announces Updates to the Tucano Judicial Recovery Process in Brazil\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia -\n \n \n TheNewswire -\n \n \n September 15, 2023 -\n \n \n South Atlantic Gold Inc.\n \n \n (TSXV:SAO)\n \n \n (“\n \n \n South Atlantic\n \n \n ” or\nthe “\n \n \n Company\n \n \n ”)\n \n \n wishes to advise that the terms\nand conditions demonstrated in the Mina Tucano Ltda. bankruptcy\nprocess were not chosen by the creditors. Although the Company had\nsuccessful negotiations with certain creditors, some of which issued\nletters of priority and support, and although the Company also offered\nand negotiated better financial terms for many major creditors than a\ncompeting proposal, the conditions precedent set out in South\nAtlantic’s proposal (primarily subject to financing and TSX Venture\nExchange approval) were not viewed as being favourable, in comparison\nto the debtor’s financial reorganization plan to the creditors in\ngeneral.\n \n \n \n \n South Atlantic will continue to monitor other potential\ndevelopments of the judicial recovery of Tucano however it does not\nexpect to have any favorable outcome to South Atlantic during the next\nsteps of the process.\n \n \n \n \n South Atlantic will continue to look for options to\nenable the continuation of the exploration program of its flagship\nasset Pedra Branca. And will remain open to other potential\nopportunities.\n \n \n \n \n About South Atlantic Gold Inc.\n \n \n \n \n South Atlantic is an exploration company engaged in\nacquiring and advancing mineral properties located in the Americas.\nOur flagship asset is the 100%-owned Pedra Branca project, located 280\nkm southwest of Fortaleza, Ceará State, Brazil. South Atlantic is\nfocused on creating value for its shareholders by engaging in the\ndevelopment and acquisition of high-quality mineral assets located in\nstable and mining-friendly jurisdictions. South Atlantic is based in\nKelowna, British Columbia, and is listed on the TSX-V under the symbol\n“SAO”.\n \n \n \n \n ON BEHALF OF THE BOARD\n \n \n \n \n Douglas Meirelles, President and CEO\n \n \n \n \n For more information regarding this\nnews release, please contact:\n \n \n ...

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